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Summarised consolidated unaudited results for the six months ended 31 March 2020
INDLUPLACE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2013/226082/06)
JSE share code: ILU ISIN: ZAE000201125
(Approved as a REIT by the JSE)
("Indluplace" or "the company")
SUMMARISED CONSOLIDATED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2020
6 MONTHS ENDED 12 MONTHS ENDED
INCREASE/DECREASE 31 MARCH 2020 31 MARCH 2019 30 SEPTEMBER 2019
% R R R
Revenue 5,1 334 415 016 318 332 618 655 544 170
Operating profit^ -1,3 167 418 908 169 602 582 362 353 901
Earnings -96,6 3 828 990 112 257 984 (55 632 520)
Earnings per share (cents) -96,6 1,20 35,25 (17,34)
Headline and diluted headline earnings per share (cents) -65,3 12,22 35,25 37,32
Net asset value per share (cents) -12,75 866,18 992,71 903,04
Distributable income per share (cents) -8,8 34,17 37,49 78,25
Dividend per share (cents) -100,0 - 37,49 78,25
While the distributable income of 34,17 cents per share for the six months ended 31 March 2020 is in line
with guidance for the financial year, Indluplace's earnings, have been negatively affected by the fair value
adjustments in relation to investment property of R35,2 million, derivatives of R19,4 million and loans to the
participants of the Indluplace Share Purchase and Option Scheme of R42,6 million.
Nature of business
Indluplace is a proud South African property investor owning a portfolio primarily focused on the affordable end
of the rental residential market. The company was listed on the Main Board of the JSE in June 2015 and currently
owns a portfolio of 9 668 residential units and 18 834m2 of associated retail space. The portfolio is valued at
about R4,1 billion. By utilising specialist outsourced property managers for the different portfolios, Indluplace
ensures that its portfolio remains professionally managed to provide positive investment returns, while providing
value for money accommodation and service to all its tenants. Indluplace is also mindful of the increasing role
of Environmental, Social, and Governance (ESG) concerns in order to achieve the sustainability and societal impact
of an investment in the company.
Dividend for the six months ended 31 March 2020
The rapidly changing environment, lack of predictability and difficulty in estimating the overall impact of the
pandemic and subsequent lockdown on the future performance requires Indluplace to retain as much capital as
possible to protect its balance sheet and assist with liquidity. The Board, therefore, resolved to defer the decision on
the payment of an interim dividend for the period ended 31 March 2020, to the end of the financial year, meaning that
no distribution will be declared on the date of release of the interim results for the six months ended 31 March 2020
(compared to the distribution of 37,49 cents per share declared for the six months ended 31 March 2019).
Short-form announcement
This short-form announcement is the responsibility of the board of directors of the company. This short-form
announcement is a summary of the full announcement released on SENS and published on Indluplace's website (http://www.indluplace.co.za)
at http://www.indluplace.co.za/downloads/2020/results/Indluplace-unaudited-interim-results-31-march-2020.pdf on
20 May 2020 and on the JSE website at
https://senspdf.jse.co.za/documents/2020/jse/isse/ilu/indlu0320.pdf
and does not contain full or complete details. Any investment decision by investors and/or shareholders should
be based on consideration of the full announcement.
The full announcement is available for inspection at the registered offices of the company (3rd Floor, 1 Sturdee
Avenue, Rosebank, 2196), on the company's website, http://www.indluplace.co.za and the offices of the sponsor, Java Capital
(2nd Floor, 6A Sandown Valley Crescent, Sandown, Sandton, 2196) at no charge during normal business hours from
Wednesday, 20 May 2020 to Wednesday, 27 May 2020. A copy of the full announcement is available on request from
info@indluplaceproperties.co.za
By order of the Board
20 May 2020
Directors
T Adler (Chairperson)*,
C Abrams*^,
C de Wit (CEO),
T Kaplan (FD),
G Harris (COO),
S Noik*,
A Rehman*^,
N Tetyana*^
*Non-executive, ^Independent. All directors are South African
Registered office
3rd Floor, 1 Sturdee Avenue, Rosebank, Johannesburg, 2196 | PO Box 685, Melrose Arch, 2076
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Java Capital Proprietary Limited
Company secretary
CIS Company Secretaries Proprietary Limited
http://www.indluplace.co.za
Date: 20-05-2020 07:05:00
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